Libyan unrest pushed oil prices sharply higher

PanARMENIAN.Net - Fears that Libya is heading toward civil war weighed on stocks Feb 21 and pushed oil prices sharply higher.

The oil markets have been the main point of interest, especially as Libya accounts for a chunk of the world's oil supplies at a little under 2 percent of global output.

With BP saying it is "very likely" to evacuate employees in the coming days and investors wondering which oil producing country may be next to face the wrath of its people, oil prices have spiked sharply higher. Benchmark crude for March delivery was up $2.17 at $88.37 a barrel in electronic trading on the New York Mercantile Exchange.

In the currency markets, the euro fell 0.2 percent to $1.3660, while the dollar was unchanged at 83.16 yen. Among commodities, an ounce of gold spiked over $10 to $1,399, AP reported.